LIND Q3 2021 Earnings

Call Details

• Call Title: Lindblad Expeditions Q3 2021 Earnings Call
• Date: November 2, 2021 at 12:30 PM UTC
• Management Team:
  • Dolf Berle (Chief Executive Officer)
  • Craig Felenstein (Chief Financial Officer)

Call Summary

Financial Performance

• Third quarter revenue was $64.5 million versus $1 million in the prior-year quarter.
• Lindblad segment revenue was $33.1 million and land experiences revenue was $31.4 million in the quarter.
• EBITDA loss was $6.6 million in Q3, an improvement of $10.9 million versus Q3 2020.
• Operating expenses before D&A, interest and taxes increased $52.4 million versus the prior-year quarter.
• Net loss available to common stockholders was $25.7 million, or $0.50 per diluted share, versus $27.8 million, or $0.56 per diluted share, a year ago.
• The quarter included $4.4 million in other income related to utilization of the SEARCH grants and a $21 million CERTS grant receipt during the quarter was noted.

Guidance

• Company expects 2022 to be a potentially positive earnings year but stated there is material variability and did not provide quantitative 2022 guidance.
• CFO characterized the potential for the first quarter of 2022 to be a positive EBITDA quarter as achievable but not guaranteed.
• Q4 2021 is expected to show higher EBITDA losses than Q3 due to polar repositioning days, startup costs for Resolution, and seasonal headwinds in the U.S. fleet and land businesses.
• Bookings for 2022 were reported as 51% ahead of 2021 at the same time last year and 27% ahead of 2020 at the same point two years ago.
• About 21% of 2022 bookings are rebooked guests from canceled voyages, as disclosed.
• Leverage covenants are suspended across facilities through March 31, 2022, and principal payments on export credit facilities are deferred through year-end.